DOCSLIB.ORG

SNS REAAL Press Release 2009

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SNS REAAL Press Release 2009 Interim financial report SNS Bank NV 1st half 2009 Utrecht, the Netherlands, 18 August 2009 Highlights 1st half 2009 Contents Net profit SNS Retail Bank of € 64 million, up Interim Financial report 2 compared to the second half of 2008 (+ 45%). Financial analysis SNS Bank 3 Net loss SNS Property Finance of € 91 million SNS Retail Bank 6 due to impairments of goodwill and loans. SNS Property Finance 9 Underlying net result SNS Retail Bank of € 80 Interim financial statements 12 million, held up well compared to the second Profile 25 half 2008 (− 10%). Disclaimer 26 Underlying result SNS Property Finance impacted by impairments on loans and advances, partly compensated by higher net Contact details interest income (+ 32%). Corporate communication Following strategic review SNS Property T +31 (0) 30 291 48 44 Finance, decision to refocus exclusively on the E [email protected] domestic market. Investor Relations T +31 (0) 30 291 42 46 E [email protected] SNS Bank 1 2009 Half year results Interim Financial report Key Figures Table 1: Key figures SNS Bank In € millions 1st half year 1st half year Change 2nd half year Change 2009 2008 2008 Result SNS Retail Bank 64 72 (11%) 44 45% SNS Property Finance (91) 51 (278%) (23) (289%) SNS Bank (27) 123 (122%) 21 (231%) Total income 532 458 16% 498 7% Total expenses 546 302 81% 471 16% Result before tax (14) 156 (109%) 27 (152%) Taxation 12 32 (63%) 4 200% Net result discontinued operations and minority interests (1) (1) 0% (2) (50%) Net result for the period (27) 123 (122%) 21 (229%) Earnings per share (in €) (25.20) 144.85 (117%) 22.75 (105%) Balance Sheet Total assets 80,332 75,554 6% 76,695 5% Investments 3,961 3,934 1% 3,942 0% Loans and advances to customers 67,250 62,248 8% 65,794 2% Total equity 2,338 1,949 20% 2,404 (3%) Savings 23,408 21,949 7% 21,859 7% Ratios Return on shareholders' equity (ROE) (2.3%) 11.2% 2.0% Number of internal employees (FTE) 3,369 3,205 3,245 Efficiency ratio 55.1% 60.9% 64.5% Core Tier 1 ratio 1 8.2% 6.7% 8.1% Tier 1 ratio 1 10.6% 9.0% 10.5% BIS ratio 1 13.8% 12.9% 14.0% 1) Figures are calculated based on Basel II, taking into account the 80% floor of Basel I. SNS Bank 2 2009 Half year results Financial analysis SNS Bank Net and underlying result For the first half year of 2009, SNS Bank reported a net loss of € 27 million, compared to a net profit of € 123 million for the first half of 2008. Higher impairment charges on loans and advances at SNS Retail Bank and SNS Property Finance and a goodwill impairment at SNS Property Finance were the main reasons for the lower net result. The net result of SNS Bank declined compared to the second half of 2008 mainly as a result of a negative balance of one-off items of € 29 million. Adjusted for the impact of volatile financial markets and one-off items, SNS Bank’s underlying net result for the first half of 2009 came in at € 44 million, a 70% decline compared to the € 149 million underlying net result for the first half of 2008 and a 33% decrease compared to the € 66 million underlying net result for the second half of 2008. At SNS Retail Bank, the underlying net result of € 80 million decreased compared to both the first and second halves of 2008, mainly due to higher impairment charges on loans and lower net interest income. SNS Property Finance reported an underlying net result of negative € 36 million, compared to positive € 51 million for the first half of 2008 and negative € 23 million for the second half of 2008, as higher net interest income and lower operating expenses could not fully compensate for the impact of increased impairment charges on loans. Table 2: Impact of volatile financial markets and one‑off items on SNS Bank’s net profit In € millions 1st half 1st half Change 2nd half Change year 2009 year 2008 year 2008 Total net result for the period at SNS Bank (27) 123 (122%) 21 (231%) Impact volatile financial markets at SNS Retail Bank (16) (23) (19) Impact volatile financial markets at SNS Property Finance ‑‑ ‑‑ ‑‑ Total impact volatile financial markets (16) (23) (19) Restructuring charge at SNS Retail Bank ‑‑ (3) (26) Goodwill impairment SNS Property Finance (55) ‑‑ ‑‑ Total one‑off items (55) (3) (26) Underlying net result for the period at SNS Retail Bank 80 98 (18%) 89 (10%) Underlying net result for the period at SNS Property Finance (36) 51 (171%) (23) (54%) Total underlying net result for the period 1 44 149 (70%) 66 (33%) 1) Net result excluding impact volatile financial markets and one-off items. Income Total income of SNS Bank increased by 16% to € 532 million compared to the first half of 2008 as total income at SNS Retail Bank was up due to higher investment income compensating lower net interest income. Net interest income at SNS Property Finance was significantly up. At SNS Retail Bank, net interest income on savings was lower due to the high interest rates offered on term deposits in 2008 and the first quarter of 2009, with the aim of maintaining a sound funding position in a highly competitive environment. In the first half of 2009, the margin on new term deposits improved. However, net interest income from mortgages increased as a result of a slightly increased portfolio and improved margins. Expenses Total expenses of SNS Bank increased by 81% to € 546 million compared to the first half of 2008, mainly due to increased impairment charges. SNS Bank 3 2009 Half year results Total expenses increased by 16% compared to the second half of 2008, mainly due to increased impairment charges. Operating expenses decreased by € 28 million. Excluding the restructuring charges in 2008 the operating expenses decreased by € 6 million. The total number of internal employees (FTE) increased by 124 compared to year-end 2008 reflecting the replacement of external employees. The FTE reduction related to SNS Retail Bank’s new distribution strategy will become evident mainly in 2010 since employees involved may exercise their rights under the social plan to transfer to other roles at SNS REAAL within 12 months. Impact of volatile financial markets At SNS Retail Bank, the net impact of volatile financial markets amounted to negative € 16 million in the first half of 2009, lower than in both the first and second halves of 2008 (negative € 23 million and negative € 19 million respectively). Dislocated and illiquid financial markets resulted in significantly higher funding costs. However, SNS Retail Bank also benefited from these conditions as market dislocations enabled positive buy-back results on own funding paper. Impact of one-off items The one-off items in the first half of 2009 amounted to negative € 55 million, consisting of a goodwill impairment at SNS Property Finance, resulting from the continued deterioration in international real estate markets. Capitalisation The principal capital ratios at SNS Bank at the end of June 2009 were a Core Tier 1 ratio of 8.2% and a Tier 1 ratio of 10.6%, slightly above the already strong levels at year-end 2008. These higher solvency levels were due to the positive net result of SNS Bank excluding the goodwill impairment (goodwill is already deducted from capital available for solvency) and a marginal decline in risk weighted assets, which amounted to € 31.4 billion (Basel I) as at end-June 2009. The BIS ratio of 13.8% decreased slightly compared to year-end 2008. On 13 July 2009, the Basel Committee on Banking Supervision decided to retain the 80% floor of Basel I capital beyond the end of 2009. Changes in capital requirements set by regulators will impact the amount and timing of SNS Bank’s capital releases, if any, in the coming years. Funding of SNS Bank Table 3: Solvency SNS Bank In percentages June December June December June December 2009 2008 2008 2007 2007 2006 Core Tier 1 ratio 1 8.2% 8.1% 6.7% 8.1% 8.2% 8.1% Tier 1 ratio 1 10.6% 10.5% 9.0% 10.5% 10.4% 10.3% BIS ratio 1 13.8% 14.0% 12.9% 14.2% 14.2% 13.9% 1) Figures are calculated based on Basel II, taking into account the 80% floor of Basel I. Financial markets opened up for transactions under the Credit Guarantee Scheme of the Dutch State in the first half of 2009. SNS Bank attracted € 5.5 billion of wholesale funding, entirely under this Scheme, with maturities varying from 2 to 5 years. The funding costs of the SNS Bank include a surcharge from the Dutch State of 0.88% for maturities over 1 year. In the second quarter of 2009, spreads for market funding decreased slightly. Although the access to short-term money markets improved in the first half of 2009, the recourse to short term money-market funding was still limited. Savings deposits were up by € 1.5 billion (+ 7%) compared to year-end 2008 as a result of continued growth and a high retention rate. Overall, SNS Bank’s retail funding position improved slightly, with retail funding as a percentage of retail loans increasing from 61% at year-end 2008 to 62%. The high interest rates offered on term deposits in previous periods to maintain a sound funding position put pressure on SNS Retail Bank’s net interest income.
Load more

Recommended publications
  • De Volksbank N.V. Annual Report 2020
    2020 Annual Report REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL 2 de Volksbank N.V. Annual Report 2020 BETTER FOR EACH OTHER 4 OTHER INFORMATION 192 Key figures 6 Provisions regarding profit or loss appropriation 192 Foreword of the CEO 8 Independent auditor's report 194 1 STRATEGY AND PROGRESS 10 ADDITIONAL INFORMATION 204 1.1 Economic developments 11 Definitions and abbreviations 204 1.2 Our Strategy 13 Disclaimer 210 1.3 Developments in our shared value ambition 15 1.4 Options for the future 18 1.5 Commercial developments 19 1.6 Financial results 20 1.7 Compliance and de Volksbank 24 1.8 Responsible tax policy 26 2 GOVERNANCE 28 2.1 Supervisory Board and Board of Directors 29 2.2 Report of the Supervisory Board 33 2.3 Banking Code 37 2.4 Dutch Corporate Governance Code 37 2.5 Legal structure of de Volksbank 38 2.6 Remuneration Report 38 3 RISK MANAGEMENT 44 3.1 Risk management structure 45 3.2 Strategic risks 52 3.3 Credit risk 54 3.4 Market risk 86 3.5 Non-financial risks 90 3.6 Liquidity management and funding strategy 94 3.7 Credit ratings 103 3.8 Capital management 104 3.9 Sustainability risk 115 3.10 Management statement 123 FINANCIAL STATEMENTS 126 Consolidated financial statements 128 Notes to the consolidated financial statements 132 Company financial statements 178 Notes to the company financial statements 181 REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL de Volksbank N.V. Annual Report 2020 3 Presentation of information This 2020 Annual Report consists of: • The Report of the Board of Directors, comprising: This is our 2020 Annual Report.
    [Show full text]
  • Framework February 2021 Table of Contents
    Green Bond Framework February 2021 Table of contents 1. Introduction ������������������������������������������������������������������������������������ 3 1.1 Sustainable Milestones ASN Bank & de Volksbank ���������������������������� 5 2. A future based on sustainability ������������������������������������ 6 2.1 Climate �������������������������������������������������������������������������������������������������� 7 2.2 Human Rights ������������������������������������������������������������������������������������� 12 2.3 Biodiversity ������������������������������������������������������������������������������������������ 13 2.4 Alignment with United Nations’ Sustainable Development Goals (UN SDGs) and the EU Environmental Objectives ������������������������ 15 3. Green Bond Framework ���������������������������������������������������� 17 3.1 de Volksbank Green Bond Framework ��������������������������������������������� 18 3.2 Use of Proceeds ��������������������������������������������������������������������������������� 18 3.3 Process for Project Evaluation and Selection ����������������������������������� 19 3.4 Management of Proceeds ������������������������������������������������������������������ 21 3.5 Reporting �������������������������������������������������������������������������������������������� 21 3.6 External review ����������������������������������������������������������������������������������� 22 Green Bond Framework 2 Focus on Dutch retail customers 3 core services: Mortgages Four distinctive Profile
    [Show full text]
  • Climate Statement Banks Update 2017
    Climate Statement Banks Update 2017 Before the Climate Summit in Paris in 2015, the Climate Statement Banks was signed on 5 November 2015 by the Dutch Banking Association and various banks. Dutch banks take climate change seriously and are taking further steps together. The climate issue demands an effort from everyone. Therefore, the banks call on the Dutch government and other stakeholders to continue to work on solutions together. This document contains an update of the latest initiatives of the banks in 2017. We, the banks in the Netherlands, united in the Dutch Banking Association (NVB): 1 are transparent ABN AMRO opened its circular pavilion Circl on the Zuidas business regarding the climate district in Amsterdam in 2017 and will bring all its own and leased offices impact of our business to energy label A in 2023. operations and we are ING, de Volksbank, Rabobank, Van Lanschot, Triodos Bank and NIBC are working on constantly climate neutral in their business operations. improving energy efficiency 2 weigh sustainability, ABN AMRO has tightened its policy for the financing of electricity climate impact and companies, whereby the bank intends to phase out coal from its lending environmental damage portfolio according to the '450 scenario’ of the International Energy in our financing and Agency (IEA). investment decisions and Rabobank participates in the TCFD pilot project and TCFD Working Group we are working towards (Task Force on Climate-related Financial Disclosures). transparency about the ING reported the amount of coal in its portfolio for the first time in its (positive and negative) annual report 2016.
    [Show full text]
  • Press Release the Netherlands, Utrecht, 11 March 2021
    Press release The Netherlands, Utrecht, 11 March 2021 Jan van Rutte steps down early as Chairman of the Supervisory Board of de Volksbank De Volksbank announces that Jan van Rutte has decided to step down early as Chairman of the Supervisory Board of de Volksbank. He will stay on until a successor has been appointed. The Supervisory Board has started the search for a successor. Jan van Rutte has been a member of the Supervisory Board of SNS REAAL N.V. and SNS Bank N.V. (predecessor in title of de Volksbank) since 1 November 2013. On 1 October 2015, he was appointed Chairman of the Supervisory Board of de Volksbank and in April 2018, he was reappointed for a period of four years. Jan van Rutte: “De Volksbank is entering a new phase in its development. The solid financial position and strong social mission are a sound basis for the recently formulated strategy for the period 2021-2025, which is fully supported by the Supervisory Board. The proposals for a new senior management structure also came about in close consultation with the Supervisory Board. The bank went through a difficult period. The recently disclosed findings of the survey of the functioning of the Board of Directors and the interaction between the (members of) Board of Directors and the Supervisory Board confirm the unrest in the senior management of the bank over the past year. The researchers’ findings are critical and clear. I hold the Supervisory Board and myself as Chairman of the Supervisory Board accountable for this too. Measures have since been taken to help restore healthy board dynamics.
    [Show full text]
  • Notification by De Nederlandsche Bank (Netherlands) on Five Other Systemically Important Institutions (O-Siis)
    Notification template for Article 131 CRD – Other Systemically Important Institutions (O-SII) Please send this template to • [email protected] when notifying the ESRB; • [email protected] when notifying the ECB; • [email protected] when notifying the EBA. Emailing this template to the above-mentioned addresses constitutes an official notification, no further official letter is required. In order to facilitate the work of the notified authorities, please send the notification template in a format that allows electronically copying the information. 1. Notifying national authority 1.1 Name of the De Nederlandsche Bank N.V. notifying authority 2. Description of the measure ING Bank N.V. (“ING”) (LEI: 3TK20IVIUJ8J3ZU0QE75); Coöperatieve Rabobank U.A. (“RABO”) (LEI: DG3RU1DBUFHT4ZF9WN62).; ABN AMRO Bank N.V. (“ABN”) (LEI: BFXS5XCH7N0Y05NIXW11); BNG Bank N.V. (“BNG”) (LEI: 529900GGYMNGRQTDOO93); De Volksbank N.V. (Volksbank) 2.1 Concerned (LEI: 724500A1FNICHSDF2I11) institution or group of The buffer requirements are imposed on the aforementioned institutions on the basis of the highest institutions level of consolidation. In the case of ING, the entity referred to above differs from the entity referred to in section 2.3 The reason is that the relevant provisions in Dutch law transposing Article 131 CRD (i.e. Article 3:62a of the Financial Supervision Act and Articles 105c and 105d of the Decree on Prudential Rules) prescribe that –in case of an ultimate EU parent that is not an institution but a (mixed) financial holding company– the buffer requirement applies to the institution (i.e. supervised credit institution and holder of the banking license) that is the subsidiary of the EU (mixed) financial holding company, on the basis of the consolidated financial position of that holding company.
    [Show full text]
  • List of Significant and Less Significant Supervised Institutions
    List of supervised entities Cut-off date for changes in group structures: 1 November 2018 Cut-off date for significance decisions: 14 December 2018 Number of significant supervised entities: 119 This list displays the significant (part A) and less significant credit institutions (part B) w hich are supervised entities. The list is compiled on the basis of significance decisions adopted and notified by the ECB that refer to events that became effective up to the cut-off date. A. List of significant supervised entities Country of LEI Type Name establishment Grounds for significance MFI code for branches of group entities Belgium 1 LSGM84136ACA92XCN876 Credit Institution AXA Bank Belgium SA ; AXA Bank Belgium NV Size (total assets EUR 30-50 bn) (**) CVRWQDHDBEPUUVU2FD09 Credit Institution AXA Bank Europe SCF France Banque Degroof Petercam SA ; Bank Degroof 2 549300NBLHT5Z7ZV1241 Credit Institution Significant cross-border assets Petercam NV 54930017BFF0C5RWQ245 Credit Institution Banque Degroof Petercam France S.A. France NCKZJ8T1GQ25CDCFSD44 Credit Institution Banque Degroof Petercam Luxembourg S.A. Luxembourg 95980020140005218292 Credit Institution Bank Degroof Petercam Spain, S.A. Spain Belfius Banque SA ; Belfius Bank NV ; Belfius Bank 3 A5GWLFH3KM7YV2SFQL84 Credit Institution Size (total assets EUR 100-150 bn) SA 4 D3K6HXMBBB6SK9OXH394 Financial Holding Dexia SA Size (total assets EUR 150-300 bn) F4G136OIPBYND1F41110 Credit Institution Dexia Crédit Local France 52990081RTUT3DWKA272 Credit Institution Dexia Kommunalbank Deutschland GmbH
    [Show full text]
  • Read the Transparancy Benchmark Report 2017
    Transparency Benchmark 2017 The Crystal 2017 In cooperation with the Netherlands Institute of Chartered Accountants (NBA) Transparency Benchmark 2017 The Crystal 2017 In cooperation with the Netherlands Institute of Chartered Accountants (NBA) Transparency Benchmark 2017 The Crystal 2017 1 1 The Transparency Benchmark Ladder The Transparency Benchmark Ladder provides an overview of the total scores of the participating organizations, including the sub scores concerning 8 different criteria categories. The organizations that are included in the Transparency Benchmark are ranked in five different groups: Frontrunners, Followers, Peloton, Laggards and organizations with zero scores. Category Transparency ladder 2017 Ranking positions Leaders 001 - 021 Followers 022 - 070 Peloton 071 - 225 Laggards 226 - 253 Organizations with zero scores 254 - 477 2 Transparency Benchmark 2017 The Crystal 2017 The Transparency Benchmark Ladder Organization Pos. Cat. Total score Royal BAM Group | ¬¬£ £¤¤ Alliander N.V. | ¬¬« £¤¥ Schiphol Group | ¬¬ª £¤¦ Siemens Nederland | ¬¬© £¤§ Havenbedrijf Roerdam N.V. | ¬¬¨ £¤¨ NS | ¬¬§ £¤¨ TenneT Holding B.V. | ¬¬¦ £¤© Nederlandse Gasunie N.V. | ¬¬¥ £¤© Van Lanschot Bankiers | ¬¬¤ LEADERS £¤ª ABN AMRO Group N.V. | ¬£¬ £¤ª Vitens N.V. | ¬££ £¤« KPN | ¬£« £¤£ Rabobank | ¬£ª £¤£ DSM N.V. | ¬£© £¤£ Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV | ¬£¨ £¤£ AKZO Nobel N.V. | ¬£§ £¤¬ Heijmans | ¬£¦ £¥¤ Enexis Holding N.V. | ¬£¥ £¥¥ de Volksbank N.V. | ¬£¤ £¥¥ Philips Lighting N.V. | ¬«¬ £¥¥ Bank Ned. Gemeenten
    [Show full text]
  • 2018-96 Dutch Banking Groups and Animal Welfare
    Risking animal welfare Follow up case study - Investments in chicken and pig meat production Fair Bank Guide 19 December 2019 Fair Bank Guide Risking animal welfare Follow-up case study on investment in chicken and pig meat production The Fair Bank Guide is a coalition of the following organizations: Amnesty International, Milieudefensie, Oxfam Novib, PAX and World Animal Protectioni 19 December 2019 Research by: Kanchan Mishra and Ward Warmerdam (Profundo) Dirk Jan Verdonk, PhD (World Animal Protection) i Not all coalition members of the Fair Bank Guide work on all themes and/or sectors on which the research of the Fair Bank Guide focuses. Reports on specific themes therefore do not necessarily reflect the opinion of all coalition members of the Fair Bank Guide. Table of contents Samenvatting…………………………………………………………………………………………………………………….1 Summary…………………………………………………………………………………………………………………………..3 Introduction…………………………………………………………………………………………………………………………………..5 Chapter 1 Methodology………………………………………………………………………………………….6 1.1 Establishing financial relationship ..................................................................... 6 1.1.1 Types of financing ..................................................................................................... 6 1.1.2 Timeframe ................................................................................................................ 8 1.1.3 Financial institution financing contributions ............................................................ 8 1.1.4 Data sources ............................................................................................................
    [Show full text]
  • Investor Signatories to CDP's 2021 Request
    Investor Signatories to CDP’s 2021 Request Signatory Country Type 1919 Investment Counsel United States Asset Manager 3x5 Partners United States Asset Manager Aberdeen Standard Investments United Kingdom Asset Manager ABN Amro Holding Netherlands Asset Owner Achmea BV Netherlands Asset Manager ACTIAM Netherlands Asset Manager Addenda Capital Inc. Canada Asset Manager Adelphi Capital LLP United Kingdom Asset Manager Aegon Netherlands Asset Owner AFAP SURA S.A. Uruguay Asset Owner Afore Sura Mexico Asset Owner AFP Integra S.A. Peru Asset Manager AGF Investment Inc. Canada Asset Manager Aikya Investment Management United Kingdom Asset Manager AkademikerPension (MP Investment management) Denmark Asset Manager AKBANK T.A.Ş. Turkey Bank Aktia Bank Plc Finland Bank Alberta Investment Management Corporation (AIMCo) Canada Asset Manager Alberta Teachers Retirement Fund Canada Asset Owner Alecta Sweden Asset Owner Algebris (UK) Limited United Kingdom Asset Manager AllianceBernstein United States Asset Manager Allianz Global Investors Germany Asset Manager Allianz Group Germany Asset Owner Amalgamated Bank United States Bank American Century Investments United States Asset Manager American International Group, Inc. (AIG) United States Asset Owner AMF Sweden Asset Owner Amplegest France Asset Manager Amundi AM France Asset Manager Anchor Capital United States Asset Manager Angel Oak Capital Advisors, LLC United States Asset Manager Anima SGR Italy Asset Manager Antipodes Partners Limited Australia Asset Manager AP Pension Denmark Asset Owner APG
    [Show full text]
  • Analytics: Good Practices for (Smaller) Iafs
    Analytics: good practices for (smaller) IAFs A field study into experiences and success factors Analytics: good practices for (smaller) IAFs A field study into experiences and success factors Colofon Title Analytics: good practices for (smaller) IAFs A field study into experiences and success factors Commissioned by: IIA Netherlands, Professional Practices Committee (PPC) Working group Peter W. Bos MSc RO CIA (project coordinator and linking pin for IIA NL PPC) Dennis Boersen RE (project leader) Pieter van Ark MSc Dr Marco van Kleef RA © IIA Netherlands, 2017 Use of this publication is permitted, provided it is properly cited. Foreword The following report, ‘Analytics: good practices for (smaller) IAFs’, sets out the findings of a field study commissioned by the Professional Practices Committee of IIA Netherlands. The aim of this report is to encourage and support the use of analytics in Internal Audit Functions (IAFs). Analytics has been part of our ‘toolset’ for many years, but recently rapid advances have been in the available techniques. “The world hates change, yet it is the only thing that has brought progress.” (Charles Franklin Kettering). The auditing profession first emerged during the industrial revolution, and its original aims were to provide (additional) assurance to clients such as executive and supervisory directors and other stakeholders such as regulators and the general public. Since that time, the profession has steadily progressed and professionalised. However, in recent years many audit and control functions seem to struggle to keep up with the pace of the increasing digitisation and real-time developments in the economy. Traditional auditing in the sense of ‘retrospectively checking the figures’ is becoming increasingly inadequate.
    [Show full text]
  • Annual Report
    Annual report Table of contents Annual Report 2 Report of the Management Board 3 1 Key figures 3 2 Foreword 4 3 Profile and brands 7 4 Strategy and Organisation 9 5 Nationalisation and its implications 13 6 Outlook 2014 21 7 Financial outlines 24 8 Developments SNS Retail Bank 28 9 Developments Property Finance 44 10 Risk and capital management 46 11 Funding, liquidity and credit ratings 52 12 Our people 55 Report of the Supervisory Board 62 13 Report of the Supervisory Board 62 Corporate governance 65 14 Corporate governance 65 Financial statements 70 15 Consolidated financial statements 70 16 Accounting principles for the consolidated financial statements 76 17 Segmentation 106 18 Acquisitions and disposals 111 19 Risk management and organisation 112 20 Financial risk management 122 21 Financial instruments and hedge accounting 144 22 Non-financial risk management 154 23 Capital management SNS Bank NV 156 24 Notes to the consolidated financial statements 160 25 Company financial statements 194 26 Notes to the company financial statements 196 27 Overview of principal subsidiaries 204 28 Other information 205 PILLAR III 208 29 Pillar III 208 SNS Bank Annual report 2013 2 Report of the Management Board 1 Key figures Key figures SNS Bank In € millions 2013 2012 2011 2010 2009 Balance Sheet Total assets 74,537 81,341 81,272 78,918 80,251 Loans and advances to customers 53,405 61,768 64,797 65,013 67,479 Of which mortgage loans 48,458 50,841 52,920 50,888 50,878 Loans and advances to banks 6,063 1,927 1,682 1,681 2,715 Amounts due to customers
    [Show full text]
  • Outlook on Several Dutch Banks Revised to Stable on Macroeconomic Recovery Prospects
    Outlook On Several Dutch Banks Revised To Stable On Macroeconomic Recovery Prospects June 24, 2021 - The anticipated macroeconomic rebound and the ramp-up in vaccination, together with PRIMARY CREDIT ANALYSTS continuous government and European Central Bank support that we expect to wind down only Anastasia Turdyeva gradually, reduce the downside risks for Dutch banks' operating environment, in our view. Dublin + (353)1 568 0622 - We therefore revised the economic risks trend related to the domestic Dutch banking system to anastasia.turdyeva stable from negative. @spglobal.com - We subsequently revised the outlooks on ING Groep N.V., Cooperatieve Rabobank U.A., Van Letizia Conversano Lanschot Kempen Wealth Management N.V., and NIBC Bank N.V. to stable from negative. Dublin + 353 (0)1 568 0615 - Our outlook on De Volksbank N.V. remains stable on the back of strong capital and the bank's letizia.conversano persistent profitability and efficiency challenges while implementing its new business strategy. @spglobal.com Philippe Raposo DUBLIN (S&P Global Ratings) June 24, 2021--S&P Global Ratings today took various rating actions Paris on Dutch banks, including on their subsidiaries (see Ratings List, below). + 33 14 420 7377 philippe.raposo @spglobal.com Webinar S&P Global Ratings will be hosting a live webinar on June 29, 2021 (9:00 a.m. EDT; 2:00 p.m. BST; 3:00 p.m. CEST) to discuss our views on European Banks. For more details, please visit: https://event.on24.com/wcc/r/3252634/C509A2EA04B74CFC5B846E025A448F8D?partnerref=GMR The anticipated economic recovery eases downside risks to the operating environment of Dutch banks and drives our revision of the outlooks on a number of Dutch financial institutions to stable.
    [Show full text]